UAE September crude cut should be model for others: energy minister

DUBAI (Reuters) – The United Arab Emirates’ energy minister said on Wednesday that he hoped a decision by Abu Dhabi National Oil Co (ADNOC) to cut crude allocations by 10 percent for September would become a model for other national oil companies inside and outside OPEC. Suhail bin Mohammed al-Mazroui wrote on Twitter that ADNOC’s move, announced on Tuesday, should “become a model for other NOCs (national oil companies) in OPEC and non-OPEC countries to achieve market stability.” “Notifying the customers and the market of the actual changes to the lifting schedule provides transparency and credibility of cut compliance,” he wrote. The Organization of the Petroleum Exporting Countries and allied non-OPEC producers agreed on May 25 to extend an existing supply curb into 2018.